The Related Companies, L.P. is an American real estate firm in

New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

, with offices and developments in

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Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = Country , subdivision_name ...

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San Francisco San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...

Abu Dhabi Abu Dhabi (, ; ar, أَبُو ظَبْيٍ ' ) is the capital and second-most populous city (after Dubai) of the United Arab Emirates. It is also the capital of the Emirate of Abu Dhabi and the centre of the Abu Dhabi Metropolitan Area. ...

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and

Shanghai Shanghai (; , , Standard Mandarin pronunciation: ) is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flow ...

. Related has more than 3,000 employees and is the largest landlord in New York City with over 8,000 residential rental units under ownership. Related manages about $4 billion of

equity capital In finance, equity is ownership of assets that may have debts or other liabilities attached to them. Equity is measured for accounting purposes by subtracting liabilities from the value of the assets. For example, if someone owns a car worth $ ...

on behalf of

sovereign wealth fund A sovereign wealth fund (SWF), sovereign investment fund, or social wealth fund is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such ...

s, public pension plans, multi-managers, endowments, Taft-Hartley benefits plans, and family offices. Related has developed mixed-use projects such as

Time Warner Center Deutsche Bank Center (also One Columbus Circle and formerly Time Warner Center) is a mixed-use building on Columbus Circle in Manhattan, New York City. The building occupies the western side of Columbus Circle and straddles the border between ...

and the Bronx Terminal Market in New York City and CityPlace in

West Palm Beach West or Occident is one of the four cardinal directions or points of the compass. It is the opposite direction from east and is the direction in which the Sunset, Sun sets on the Earth. Etymology The word "west" is a Germanic languages, German ...

. Related is developing the

Hudson Yards Redevelopment Project Hudson Yards is a neighborhood on the West Side of Midtown Manhattan, bounded roughly by 30th Street in the south, 41st Street in the north, the West Side Highway in the west, and Eighth Avenue in the east.Chapter 11: Figures The area is the ...

, which comprises in Manhattan's

Chelsea Chelsea or Chelsey may refer to: Places Australia * Chelsea, Victoria Canada * Chelsea, Nova Scotia * Chelsea, Quebec United Kingdom * Chelsea, London, an area of London, bounded to the south by the River Thames ** Chelsea (UK Parliament consti ...

and

Hell's Kitchen Hell's Kitchen, also known as Clinton, is a neighborhood on the West Side of Midtown Manhattan in New York City. It is considered to be bordered by 34th Street (or 41st Street) to the south, 59th Street to the north, Eighth Avenue to the eas ...

neighborhoods.

History

In 1972, Stephen M. Ross founded Related Companies with a $10,000 loan from his mother and a business plan focused on affordable housing. In 1985, the company constructed 225 Rector Place as a rental apartment complex. It sold the building in 2005 to developer Yair Levy and then bought the building back for $82.8 million after the lender,

Anglo Irish Bank Anglo Irish Bank was an Republic of Ireland, Irish bank headquartered in Dublin from 1964 to 2011. It began to wind down after nationalisation in 2009. In July 2011 Anglo Irish merged with the Irish Nationwide Building Society, forming a new co ...

, foreclosed on the property in November 2010. In January 2012, the company closed an $825 million distressed asset fund. In 2012, in partnership with

HFZ Capital Group HFZ Capital Group is a real estate development and investment company based in New York City. Ziel Feldman founded HFZ in 2005 and serves as chairman. As of 2019, HFZ manages more than $10 billion worth of development. History Prior to launching H ...

and

CIM Group CIM Group invests in commercial property on behalf of large institutions such as pensions. As of December 31, 2020, the company owned $29.2 billion worth of commercial property. History The company was founded in 1994 by Shaul Kuba, Richard Ressl ...

, the company took over development of

One Madison One Madison is a luxury residential condominium tower located on 23rd Street between Broadway and Park Avenue South, at the foot of Madison Avenue, across from Madison Square Park in the Flatiron District of Manhattan, New York City. The build ...

after the original developer filed for

bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor ...

protection. In September 2012, Ross resigned as chief executive officer of the company and was replaced with Jeff Blau. In March 2014, the

United States Department of Justice The United States Department of Justice (DOJ), also known as the Justice Department, is a federal executive department of the United States government tasked with the enforcement of federal law and administration of justice in the United State ...

filed a lawsuit against the company and several other large NYC developers, claiming failure to comply with the

Americans with Disabilities Act of 1990 The Americans with Disabilities Act of 1990 or ADA () is a civil rights law that prohibits discrimination based on disability. It affords similar protections against discrimination to Americans with disabilities as the Civil Rights Act of 19 ...

. In July 2014, the company completed construction of Abington House, a rental apartment property on the

High Line The High Line is a elevated park, elevated linear park, greenway (landscape), greenway and rail trail created on a former New York Central Railroad spur on the West Side (Manhattan), west side of Manhattan in New York City. The High Line's ...

Robert A. M. Stern Robert Arthur Morton Stern, usually credited as Robert A. M. Stern (born May 23, 1939), is a New York City–based architect, educator, and author. He is the founding partner of the architecture firm, Robert A.M. Stern Architects, also known a ...

. The company has an agreement to redevelop Grand Avenue in

Bunker Hill, Los Angeles Bunker Hill is a neighborhood in Los Angeles, California. It is part of Downtown Los Angeles. Historically, Bunker Hill was a large hill that separated Downtown Los Angeles from the western end of the city. The hill was tunneled through at Sec ...

. In October 2014 as an initial step in the

Grand Avenue Project The Grand Avenue Project is currently under development in the Bunker Hill neighborhood of Downtown Los Angeles along Grand Avenue. The project consists of a revitalization of Grand Park and surrounding lots administered by the Grand Avenue Auth ...

, they completed The Emerson, an apartment tower marketed to older adults that includes an

affordable housing Affordable housing is housing which is deemed affordable to those with a household income at or below the median as rated by the national government or a local government by a recognized housing affordability index. Most of the literature on affo ...

component. In January 2016, the company proposed developing a $6.5 billion project on the site of the former Santa Clara All Purpose Landfill. In February 2017,

Fast Company ''Fast Company'' is a monthly American business magazine published in print and online that focuses on technology, business, and design. It publishes six print issues per year. History ''Fast Company'' was launched in November 1995 by Alan Web ...

named the company as one of The Most Innovative Companies of 2017 for its work on Hudson Yards. In May 2017, the company contacted officials in

Boca Raton Boca Raton ( ; es, Boca Ratón, link=no, ) is a city in Palm Beach County, Florida, United States. It was first incorporated on August 2, 1924, as "Bocaratone," and then incorporated as "Boca Raton" in 1925. The population was 97,422 in the ...

about potentially redeveloping its city hall and municipal complex downtown. In July 2017, the company completed the 690-unit

Brickell Heights Brickell Heights are two twin towers in the Brickell neighborhood of Miami, Florida. Together, the towers have 690 units with a ground floor Equinox Gym. Ground for the towers was broken in 2014 following the groundbreaking of SLS Brickell.The ...

condominium development in Miami and sold most of its commercial space for $17.5 million.

References

{{DEFAULTSORT:Related Real estate companies established in 1972 Privately held companies of the United States Real estate companies of the United States Companies based in New York City 1972 establishments in New York City